[2019] 107 taxmann.com 217 (Ahmedabad – Trib.)/[2019] 177 ITD 591 (Ahmedabad – Trib.)

INCOME TAX : Where assessee had purchased a land prior to date of transfer of his agricultural land, Commissioner was justified in disallowing exemption under section 54B

Section 54B, read with section 263, of the Income-tax Act, 1961 – Capital gains – Transfer of land used for agricultural purposes (Revision) – Assessment year 2012-13 – Whether as per section 54B(1) deduction is permissible only where capital gain is utilized for purchase of land after transfer of a capital – Held, yes – Whether where assessee had purchased a land prior to date of transfer of his agricultural land, Commissioner was justified in disallowing exemption under section 54B – Held, yes